PDF Determinants Of Capital Structure Of Listed Deposit Money ... The study employed secondary data from the annual reports and the Nigerian Stock Exchange (NSE) fact books covering the study period Ordinary least square (OLS) was . Keywords: Capital Structure, Bank Size, Dividend Payout, Profitability, Tangible Assets, Business Risk, Tax and Banking Industry Introduction Determinants of capital structure in financial institutions differ from non-financial In light of the empirical review and other discussions, a number of questions arose as to whether there is a significant relationship between size of a bank, profitability, The study measured capital structure determinants by using the variables of capital intensity, tangibility, profitability, firm size and non-debt tax shield. Statistical tests are performed for the period 1990-2004. This study investigates the determinants of capital structure in listed insurance companies in Nigeria for the period of thirteen years, from 2006-2018. (2009). THE DETERMINANTS OF CAPITAL STRUCTURE IN THE BREWERY INDUSTRY IN NIGERIA BY Ahamefula, A. Nzenwata Graduate Student: Finance and Banking Michael Okpara University of Agriculture Umudike, Abia State aham.nzenwata@yahoo.co.uk +234-803-544-6622 ABSTRACT The study investigated the determinants capital structure among brewery companies in Nigeria. Akinyomi, O.J. Testing static trade-off theory against pecking order models of capital structure in Nigerian quoted firms. It absorbs costs and losses, multiplies fixed assets and in all, enhances growth through mergers and acquisitions. The results reveal that profitability, tangibility and company size are positively related to total debt and long-term debt, and growth opportunities are negatively associated with total debt. Iwarere and Akinleye (2010) used descriptive survey to investigate capital structure determinants in the Nigerian banking industry. Determinants of the Capital Structure of Ghanaian Firms. The study is conducted in the context of the Nigeria. Determinants Of Capital Structure Phd Thesis. Abstract. The study therefore contend that the agency cost Planning capital structure involves, to a great extent, the considerationof shareholders interest and other groups. The study aims to examine the capital structure determinants and SOA of all listed, non-financial firms in Nigeria. THEORETICAL FRAMEWORK Among the competing theories in explaining a firm's capital structure choices are; The static trade off theory The result identifies credit rating, volatility of earning cash flow, financial distress, transaction costs, and financial flexibility as the important factor in choosing appropriate amount of debt for bank. Journal of Business Research, 5(8), 421-432. Ukaegbu, B. and Oino, I. How these determinants may affect the Capital Structure (Debts and Equity weights or proportions) Optimal Capital Structure (that maximize the value of firms.) The independent variables of the study are . The current study contributes to the literature as it analyses a wide range of capital structure determinants and is based on 20 observations. The objective of this is to determine the determinants of Capital Structure with a focus on quoted electrical and electronic technology firms in Nigeria. The determinants of capital structure: A comparison of financial and non-financial firms in a regulated developing country-Nigeria. Isaiah Oino, Ben Ukaegbu. DETERMINANTS OF CAPITAL STRUCTURE IN THE NIGERIAN LISTED FIRMS MAINTENANCE OF THE WORK UNTIL THE ULTIMATE DEADLINE. Affordable prices. This study investigates the determinants of capital structure in Nigeria. 9, No 1 ISSN 1109-5609. 1. The objective of this is to determine the determinants of Capital Structure with a focus on quoted electrical and electronic technology firms in Nigeria. CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): Capital is considered as the cornerstone of a bank's financial strength since it supports bank operations by providing a buffer to absorb unanticipated losses from its activities and, in the event of problems, enabling the bank to continue to operate in a sound and viable manner while the problems are addressed or . The results of a bivariate analysis indicate that leverage in the UK is much higher than in GCC countries. In capital structure determinants inflation and cash flow we explained that businesses with large or increasing cash flows. (2011). One factor that can play a role in this is the level of sales. +1 (877) 638-3233. Statistical tests are performed for the period 1990-2004. contribute to the research by studying the capital structure determinants in Nigerian companies during the year 2012. Determinants of capital Structure in Nigeria. Abstract. NIGERIA Olaoye, Festus Oladipupo Olarewaju, Odunayo M Department of Accounting, Faculty of Management Sciences, Ekiti State University, Ado Ekiti, Nigeria ABSTRACT The Nigerian banking system exhibits fluctuating profitability compared to other countries in the world. Effect of Capital Structure on Firm Performance: Evidence from Nigeria Manufacturing . Arestis, P., Luintel, A.D and K.B Luintel (2004). The relationship between capital structure decisions with firm performance: Comparison between big and small industries in firms listed at Tehran stock exchange. This study focused on determinants of capital structure in Nigeria with the aim of examining whether the identified determinants (profitability, liquidity, size, tangibility and growth) exert . Design/methodology/approach - The paper adopts three methods: difference GMM, system GMM and stochastic frontier analysis (SFA). 2 Theoretical framework and review of literature 2.1 Theoretical framework: The capital structure a firm opts for is only a choice between debt and Capital structure means the addition of long-term debt and shareholders' fund. However, literature surveys show that relatively few studies on the structure of capital and the factors shaping it can be applied to the TSL industry. contribute to the research by studying the capital structure determinants in Nigerian companies during the year 2012. (2017). The study assessed the determinants of capital structure in Nigerian Chemical and Paints companies listed in Nigeria, for a period of five years from 2005 to 2009. Whether sales are growing or stable also determines capital structure choice. The study aims to augment the literature by looking at allocational expenditure priorities in Nigeria, with a specific focus on capital and recurrent expenditure. High quality. References. Determinants of the capital structure of TSL (Transport, Spedition, Logistics) sector enterprises The capital structure has been of interest for researchers in the field of financial theory for over 60 years. Introduction The capital of any business firm is the foundation upon which the business operates. M a) Statistical tests are performed for the period 1990-2004. The analyses are performed using time series data pertaining four listed cement firms. We may now briefly discuss the key factors governing a firm's capital structure decisions. As Salawu and Agboola (2008) and macroeconomic factors on capital structure as opposed to the existing models for capital structure. DEPARTMENT OF ACCOUNTING AMBROSE ALLI UNIVERSITY, EKPOMA, EDO STATE, NIGERIA ABSTRACT The study examined the relationship of capital structure to profitability of quoted firms in Nigeria. The capital structure is all about the mixture of debt and equity. Initially, at the time of its promotion, a company will have to plan its capital structure and subsequently, whenever funds have to be raised to finance investment, a capital structure decision is involved (Salawu, 2007). This article examines an empirical analysis of determinant of capital structure in Nigerian Cement Industry for the period of 2000-2009. Size, age, profitability, growth, operating risk, and asset . Keywords: determinants, financial structure, capital structure, Nigerian firms, pecking order and static trade - off theories. What are the key determinants of capital structure in the Nigerian Banking industry? Another issue in prior research is the robustness of results under different estimation techniques and different measures for both the dependent . Introduction The capital of any business firm is the foundation upon which the business operates. 1. Determinants of capital structure: A case study of automobile sector of Pakistan, Inter disciplinary Journal of Contemporary Research in Business 2 (10), 219 - 230. Stable sales would indicate flattening revenue and therefore cash flow. The study used profit before tax as a dependent variable and two capital structure variables (equity . THE DETERMINANTS OF CAPITAL STRUCTURE OF LARGE NON-FINANCIAL LISTED FIRMS IN NIGERIA Rafiu Oyesola Salawu, Obafemi Awolowo University Akinlolu Ayodeji Agboola, Obafemi Awolowo University ABSTRACT This paper examines capital structure determinants of non-financial firms in Nigeria using a panel of 33 large firms. The Determinants of Capital Structure of FTSE 100 Firms in the UK: A Fixed Effect Panel Data Approach Lucky Izobo ENAKIRERHI Department of Accounting, Faculty of Management Sciences Delta State University, Nigeria Michael Ify CHIJUKA Department of Banking and Finance, Faculty of Management Sciences University of Benin, Nigeria Chadha & Sharma (2015) carried out a study on the determinants of capital structure: an empirical evaluation from India. More so, some of these works mainly focused on banking . (2013). Conclusions are drawn based on the findings. In light of the empirical review and other discussions, a number of questions arose as to whether there is a significant relationship between size of a bank, The paper investigates the determinants of capital structure and the speed of adjustment of capital structure decisions of Nigerian firms.,The paper adopts three methods: difference GMM, system GMM and stochastic frontier analysis (SFA).,The empirical results show that firms' efficiency affects the capital structure decisions of Nigerian firms. The study is conducted in the context of the Nigeria. capital structure of the Nigerian banking sector and enhance competitiveness in the banking sector. Downloadable! (2014), "The determinants of capital structure: A comparison of financial and non-financial firms in a regulated developing country - Nigeria", African Journal of Economic and Management Studies, Vol. The objective of this study is to examine the relationship between . Equally, there is evidence that indicate that there is reverse causality from performance to capital structure of firms. Keywords: determinants, financial structure, capital structure, Nigerian firms, pecking order and static trade - off theories. Allen, F. (2007) "Stakeholders Capitalism, Corporate Governance and Firm Value". 3, pp. DETERMINANTS OF CAPITAL STRUCTURE OF SKYE BANK OF NIGERIA PLC ABSTRACT This study is motivated by a desire to examine the determinants of capital structure of Fidelity Bank Plc. This study analyzed the trends and patterns of capital structure and performance of financial firms in the Nigerian banking sectorwith panel data of 14 commercial banks in Nigeria over the periods 2005-2012..Descriptive methods of analysis were employed to analyze the trends and performance. industries and the capital structure theory. Akinlo, O. This paper examines capital structure determinants of non-financial firms in Nigeria using a panel of 33 large firms. Experts. 4 The determinants of the capital structure of financial firms in nigeria the financial managers perspectives. This paper examines capital structure determinants of non-financial firms in Nigeria using a panel of 33 large firms. Global Journal of Social Sciences, 8(1), 61-76. Impact of capital structure on firm value: Evidence from Indian hospitality industry. Many studies including Pandey (2001) have identified various determinants of capital structure, which generally include tangibility of assets, Size, growth, profitability, and age of firms. The objective of this is to determine the determinants of Capital Structure with a focus on quoted electrical and electronic technology firms in Nigeria. The study covers the period of six (6) years from 2013 to 2018. (2008). have statistically insignificant relationship with ROA . We keep our prices affordable to maintain a perfect balance between amazing quality and low price. Akintoye, I.R. This may be attributable to UK companies facing a lower cost of debt, which would facilitate their raising of debt capital from . The variables of interest (capital structure, size, growth, profitability, tangibility, and age) are defined as follows. This study investigates the determinants of capital structure in Nigeria. Purpose - The paper investigates the determinants of capital structure and the speed of adjustment of capital structure decisions of Nigerian firms. Unlike prior work, the study investigates capital structure determinants along five dimensions namely: firm-specific and industry factors; taxes; non-financial stakeholders; supply-side factors; and the maturity structure of corporate liabilities. Ex-post facto research design was adopted . knowledge of their capital structure becomes indispensable and warrants this study. The population of study comprises all non-financial corporations quoted on the Nigerian Stock Exchange (NSE) for the period 1999-2014 out of which 50 companies that met the minimum data criteria were utilized. Abor, J. Downloadable! The results reveal that profitability, tangibility and company size are positively related to total debt and long-term debt, and growth opportunities are negatively associated with total debt. The questionnaire is developed based on the existing measurement scales from the literature, interviews and focus groups discussions with the SMEs' owners from the East-Coast region of Malaysia. The study is designed to examine the determinants of capital structure of listed construction companies in Nigeria. Capital is considered as the cornerstone of a bank's financial strength since it supports bank operations by providing a buffer to absorb unanticipated losses from its activities and, in the event of problems, enabling the bank to continue to operate in a sound and viable manner while the problems are addressed or resolved. The study aims to examine the capital structure determinants and SOA of all listed, non-financial firms in Nigeria. for Nigeria, is the adoption of the public choice framework in estimating the determinants of government expenditure. Aliakbar, R., Seyed, H. S. N., & Pejman, M. (2013). Determinants of Capital Structure in Nigerian Quoted Composite insurance Companies. Determinants of capital structure: Evidence from Nigerian panel data. capital structure's determinants, assessment of empirical studies, and a comprehensive over view of such type of research in Pakistan. We used eight exogenous variables to measure their effect on capital . The results of the System GMM estimation and quadratic methods supports the predictions of the trade-off theory and the pecking order theory. School of Economics, Finance and Accounting; Research output: Contribution to journal › Article › peer-review. capital and the banking industry. This study made use of secondary data obtained fact books, annual reports and account of the firms under study. The objectives of this study is to ascertain the determinants of firm capital structure of quoted firms in Nigeria and how these determinants influence the capital structures of these firms. The study chooses the construction firms as its domain because it covers the larger proportion of industry in Nigeria. (2011). Choi(2014) investigated the important determinants of capital structure of the 50 . It absorbs costs and losses, multiplies fixed assets and in all, enhances growth through mergers and acquisitions. Research Journal of Finance and Accounting www.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.5, No.16, 2014 Determinants of Financial Structure: Evidence from Nigerian Quoted Firms Atseye Fidelis Anake1* Edim Ndifon Obim2 Eke, Felix Awara3 1.Government Technical College Mayne Avenue, Calabar, Nigeria 2.Department of Banking and Finance . In the light of this, the paper attempts to investigate the practices and determinants of the capital structure of the Nigerian listed banks. Akinlo, O (2011) "Determinants of Capital Structure: Evidence from Nigeria Panel Data" African Economic and Business Review Vol. Iwarere and Akinleye (2010) used descriptive survey to investigate capital structure determinants in the Nigerian banking industry. study, we intend to add to these studies by analyzing the determinants of corporate capital structure in the Federal Republic of Nigeria. The focus of this study is to discuss these factors influencing the capital structure of quoted companies. Adesola, W. A. Chandrasekharan (2012) analyzed the determinants of capital structure in the Nigerian firms for the period 2007 to 2011. The study was based on a panel data set from 1996 to 2010 comprising sixty non - financial companies. Organized by the Institute for Business and Finance Research Between 31 May and 3 June, at Costa Rica, pp: 74-77. It and return on investment is maximized) 1-Trade off Theory 2-Pecking order Theory Explain the relationship with Financial Leverage or debt ratios. This study made use of secondary data obtained fact books, annual reports and account of the firms under study. Against this backdrop, the study examines the determinants of capital structure of agro listed firms in Nigeria. Using panel data least squares regression, modified to weighted Determinants of Capital Structure of a Firm: There are numerous factors, both qualitative and quantitative, including the subjec­tive judgment, of financial managers which conjointly determine a firm's capital structure. This study aims to determine the impact of post-consolidation capital structure on the financial performance of Nigeria quoted banks. Arizona State University. Capital structure has been found to have impact on firm performance. Sequel to mixed results from previous Nigerian studies on determinants of capital structure and the paucity of such studies conducted so far, there existed a knowledge gap, hence the need for this study. The authors used multiple regression analysis to examine the ailing manufacturing companies in Nigeria for the period of 2005-2015. The objectives of this study is to ascertain the determinants of firm capital structure of quoted firms in Nigeria and how these determinants influence the capital structures of these firms. The regression analyses are estimated using OLS. Therefore, this study examines the determinants of the capital structure of the Nigerian non-financial listed firms. The firm-specific factors that determine the capital structure of thirty five (35) non-financial firms quoted on the stock exchange in Downloadable (with restrictions)! Keywords: key words, capital structure, determinants, related literature, Ghana, Nigeria, WAMZ 1. The objectives are; to investigate the relationship between firms' characteristics and the capital structure choice among non-financial firms listed in the Nigerian Stock exchange, to examine whether the financial crisis affected capital structure determinants. The result showed that the banks exhibit 75.2% short-term financing. 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